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XRP Flips Cardano (ADA) for Most Traded Among Whales, Here's What Is Going On

Sat, 01/21/2023 - 13:25
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Tomiwabold Olajide
XRP made it to top 10 holdings of top 100 Binance whales
XRP Flips Cardano (ADA) for Most Traded Among Whales, Here's What Is Going On
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Crypto data tracker WhaleStats reports that XRP has flipped Cardano's ADA for the most traded asset among the top 100 BNB Chain whales. Interestingly, XRP and ADA are among the most purchased assets by this whale class.

On the other hand, XRP made it to the top 10 holdings of the top 100 Binance whales, with an average amount of $278,203 held, implying an average quantity of 708,212 XRP held by this whale category. In total, a whopping 70 million tokens, or 70,821,235, rest in the portfolio of these whales, which is valued at $27.82 million.

At the close of 2022, a trend of accumulation was observed by Santiment for millionaire XRP holders. It noticed that XRP's whale and shark addresses, which comprise the 1 million to 10 million XRP tier, were rapidly accumulating, which was accompanied by network growth as address activity increased.

It seems this trend might have well entered 2023, given the spike in trading volume reported by WhaleStats for BNB Chain whales. The current optimism stems from recent positive developments in the Ripple lawsuit. As reported, all motions have now been briefed in the case, and the judge's decision is now awaited.

Here's how Ripple could win outright, John Deaton explains

CryptoLaw founder and blockchain enthusiast John Deaton explains the only way the judge could give Ripple an outright win in the ongoing SEC lawsuit.

He wrote: "The judge could absolutely get around Ripple's sales of XRP because the SEC didn't go transaction by transaction, applying the Howey test to each transaction." This might imply that the SEC's ambiguity might turn around to favor Ripple in the long run.

Ripple v. SEC: XRP Holders Rejoice on Latest Scheduling Update, Here's Why

According to Deaton, "The SEC even argues that if a country (outside of U.S. jurisdiction) declares XRP a currency, it will only be because of Ripple's efforts (even future, yet unknown efforts). In other words, if El Salvador had made XRP legal tender as it did with BTC, the SEC is claiming it would all be due to Ripple's past, present, and future efforts. It is an extraordinarily all-encompassing theory. But that's not how securities laws get applied.''

He further added, "The way the Judge could give Ripple an outright victory is simply rejecting the SEC's sweeping claims and say you didn't prove any specific transaction."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.